RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 10 – RELATED PARTY TRANSACTIONS
Notes payable – related party
On June 30, 2025 and December 31, 2024, $284,350 (comprising of $278,100 of advances and $6,250 of interest) and $0, respectively was due to Emil Assentato, the Company's Chief Executive. During the six months ended June 30, 2025, the Company issued advances for $278,100 for expenses paid on behalf of the Company and advances due to related party were repaid by the Company with $0 in cash. This note payable – related party earns interest at 8% per annum, is unsecured and is due on demand.
During the six months ended June 30, 2024, the Company issued advances due to Nadav Elituv, the former CEO of the Company, for $53,428 for expenses paid on behalf of the Company and advances due to related party were repaid by the Company with $23,398 in cash. In addition, the Company accrued salary of $405,754 due to Nadav Elituv, for services provided during the six months ended June 30, 2024. On February 26, 2024, the Company issued common stock to settle due to related party with a carrying value of $296,000 (Note 12).
Employment Agreements
On March 17, 2024, the Company executed an employment agreement for the period from January 1, 2024 to December 31, 2024 with Nadav Elituv, the former Chief Executive Officer of the Company whereby the Company shall pay an annual salary of $600,000 from available funds.
On January 1, 2024, entered into a consulting agreement to pay 2130555 Ontario Limited, a Company controlled by Nadav Elituv, a monthly consulting fee of CAD $24,000 per month for services for the period from January 1, 2024 to December 31, 2024. During the six months ended June 30, 2025, compensation expenses of $130,000 was incurred for the Chief Executive Officer, Chief Financial Officer and a Director.
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